Getting an economics degree opens up many career paths across various fields. You can work in finance, banking, government, or data analysis. This degree gives you skills that are valuable in many jobs. It prepares you for roles like economist or financial manager, or for jobs that involve solving problems with data and research1.
With an economics degree, you gain skills in critical thinking and analyzing data. These skills are in high demand by employers. You can work in finance, consulting, research, or public service. Your knowledge helps shape business strategies, influence policy, or turn data into useful insights1.
Key Takeaways
- An economics degree opens the door to diverse career paths, from finance and banking to government and data analysis.
- Economics graduates develop in-demand skills in critical thinking, quantitative analysis, and data-driven decision-making.
- High-paying careers for economics majors include roles as economists, financial managers, data scientists, and management consultants.
- Entry-level jobs for economics graduates range from accountants and actuaries to research analysts and policy analysts.
- Economics degrees also lead to opportunities in the public sector, including government agencies and international organizations.
Understanding an Economics Degree
An economics degree is a challenging yet versatile path that leads to many career paths. It teaches students about the rules that govern how we make, share, and use goods and services2. This knowledge, along with skills in analysis and problem-solving, makes economics graduates sought after in the job world.
What You’ll Learn in an Economics Program
The curriculum of an economics degree includes many topics like macroeconomics, microeconomics, and econometrics. Students learn about making decisions when resources are limited, the workings of financial markets, and how policies affect the economy3. This broad education gives students a deep grasp of what drives economic activities and policy-making.
Valuable Skills Gained from Studying Economics
Aside from core economic knowledge, an economics degree boosts skills like data analysis, critical thinking, and problem-solving3. These skills are in demand across many industries. This makes economics graduates stand out in various roles, from the private sector to the public and nonprofit sectors.
An economics degree sets a strong base for success in a changing job market. It’s great for those interested in financial analysis, policy making, or starting a business.
Entry-Level Jobs for Economics Majors
An economics degree opens doors to many entry-level careers. You can work in accounting, policy analysis, and more. Let’s look at some top jobs for economics majors.
Accountant
Accountants prepare and check financial records. They make sure everything is accurate and follows the rules. With an economics degree, you’re ready for this job because you know a lot about finance and data analysis. Accountants earn about $73,560 a year456.
Actuary
Actuaries use stats and finance to figure out risks and uncertainties. They work in insurance and finance. Your economics training helps you solve problems and analyze data well. Actuaries make about $111,030 a year456.
Research Analyst
Research analysts study economic trends and their effects on markets, businesses, and policies. Your economics degree gives you skills in research, data analysis, and thinking critically. Research analysts earn about $63,920 a year6.
Financial Analyst
Financial analysts give advice on investments to people, businesses, and groups. Your knowledge of finance, market trends, and data analysis is very useful here. Financial analysts make about $83,660 a year456.
Policy Analyst
Policy analysts work on policies to solve economic problems at different levels. Your economics background helps you solve problems and analyze data well. Policy analysts earn about $74,540 a year6.
An economics degree gives you a solid base for many entry-level jobs. You can use your analytical and problem-solving skills in various industries. With the right skills and experience, you can find a job that is fulfilling and rewarding.
High-Paying Careers with an Economics Degree
Getting an economics degree can lead to high-paying jobs. It’s not just about entry-level positions. Skills from economics are in demand across many industries. Let’s look at some top careers for economics graduates.
Financial Manager
Financial managers handle a company’s finances. They do financial reporting, manage cash flow, and make investment choices. In the U.S., they earned a median salary of $131,710 in 20216. With a 16% growth rate from 2022 to 2032, it’s a promising career for economics majors7.
Economist
Economists study and report on economic issues. They work in the public or private sector. In the U.S., they made a median salary of $105,630 in 20216. This job offers a high salary and a 6% growth rate, making it a great choice for economics majors7.
Data Scientist
Data scientists analyze data using statistical models. Their skills come from economics backgrounds. In the U.S., they earned a median salary of $100,910 in 20216. With a 35% growth rate from 2022 to 2032, it’s a sought-after career for economics graduates7.
Portfolio Manager
Portfolio managers manage investment accounts for individuals or organizations. They earned a median salary of $137,599 in the U.S. in 20236. This job lets economics graduates use their financial skills to help clients reach their goals8.
Management Consultant
Management consultants help organizations improve. They use their analytical skills for this. In the U.S., they made a median salary of $93,000 in 20216. With an economics background, they offer valuable advice and earn a good salary8.
An economics degree leads to many high-paying careers. These include financial management, economic analysis, and data-driven decisions. Economics graduates can find fulfilling and well-paying jobs by using their skills and knowledge.
What Can You Do With an Economics Degree?
An economics degree opens doors to many career paths. You can start in entry-level jobs like accounting or financial analysis. Or aim for top roles like a financial manager, data scientist, or management consultant9.
But it’s not just about business and finance. Economics graduates can work in the public sector too. They can join the federal government, the Federal Reserve, or international agencies10. If you’re looking for something different, an economics degree can help in law, entrepreneurship, healthcare, or environmental economics10.
An economics degree offers many career choices. Economists work in almost every field, from natural resources to health and public policy9. The skills you learn, like analyzing and solving problems, are valuable in many industries11.
So, an economics degree prepares you for a variety of roles and industries. It’s a smart choice for those wanting a fulfilling career91011.
“Economics is not just about money and markets – it’s about understanding how the world works.” – Unknown
Government and Public Sector Jobs
An economics degree can lead to rewarding careers in the public sector. At the federal level, economics graduates can apply for positions in government departments like the Department of Labor or the Bureau of Labor Statistics. They work on issues related to employment and unemployment12. The Federal Reserve Bank system also hires economists to work on monetary policy12.
At the state and local level, governments employ economists and policy analysts to develop and implement economic policies12. International agencies like the World Bank, International Monetary Fund, and United Nations offer opportunities for economics graduates to work on global economic and development issues13.
Federal Government Roles
Economists in the federal government contribute to policymaking, research, and analysis on a wide range of economic topics. They work on issues like employment, trade, regulation, and fiscal policy. The median annual wage for economic analysts in the federal government ranges from $64,000 to $144,00012.
Federal Reserve Bank Opportunities
The Federal Reserve Bank system employs economists to conduct monetary policy research and analysis. These roles involve forecasting economic trends, evaluating the impact of policy decisions, and providing advice to the Federal Reserve’s Board of Governors. The median wage for economic analysts in the Federal Reserve Bank is around $98,00012.
State and Local Government Positions
State and local governments hire economists and policy analysts to develop and implement economic policies that address regional and community-specific issues. These professionals may work on projects related to economic development, urban planning, public finance, and more12. Approximately 60% of state representatives are advised by policy advisors with backgrounds in economics13.
International Agency Jobs
Economics graduates can also find opportunities at international organizations like the World Bank, International Monetary Fund, and United Nations. These roles often involve analyzing global economic trends, providing policy recommendations, and supporting economic development initiatives in different countries. Around 30% of economists specializing in public economics are employed by international organizations13.
An economics degree can open the door to a wide range of government and public sector jobs. It offers the chance to apply your analytical and problem-solving skills to important economic issues at the federal, state, local, and international levels.
Non-Traditional Career Paths
Many economics graduates go into finance, business, or the public sector. But, an economics degree also sets the stage for non-traditional careers. Some go to law school and work as corporate lawyers14. Others start their own businesses14. The skills you learn in economics are also useful in healthcare, working on business or research in hospitals and insurance companies.
Also, economics graduates can work as environmental economists. They might work at think tanks or non-profits, researching and making policies about the environment. These careers let economics majors use their skills in different industries and settings. It often leads to work that is fulfilling and makes a big impact.
Law and Entrepreneurship
An economics degree is a great step towards a law career. The critical thinking and problem-solving skills from economics are great for law. Economics majors do well as corporate lawyers, contract negotiators, and policy analysts14. Starting your own company is also an option, thanks to the business skills you learn in economics.
Healthcare Industry Roles
The healthcare industry has many jobs for economics graduates. You could be a business analyst for a hospital or research for a pharmaceutical company. Your skills in numbers and analysis help drive innovation and improve healthcare14.
Environmental Economics
With growing concerns about climate change and sustainability, there’s a big need for economists who know about the environment. Economics graduates can work as environmental economists. They might work at think tanks, non-profits, or government agencies. They analyze the economic effects of environmental policies and find solutions to big environmental problems.
Think Tanks and Non-Profits
An economics degree can also lead to jobs in non-profits and think tanks. In these jobs, you use your research and analytical skills to help make policy decisions. You can advocate for social and economic change. And you can help improve communities and the world15.
“The versatility of an economics degree allows graduates to explore a wide range of career paths, from traditional finance roles to non-traditional pursuits in law, healthcare, and the environmental sector.”
Conclusion
An economics degree opens doors to many career paths16. You can start in fields like accounting, finance, or policy analysis. Or, you can aim for top jobs in financial management, economics, data science, and consulting17.
There’s also a chance to work in the public sector. You could be part of the federal government, the Federal Reserve, or international agencies17.
The skills you gain in economics can also lead to careers outside the usual paths. Think about law, starting your own business, healthcare, or environmental work16. An economics degree gives you the tools to excel in many areas.
If you’re into finance, policy, or something more diverse, an economics degree is a great start16. Pomona College’s economics program is top-notch. It offers challenging courses, research chances, and a supportive team to help you reach your career goals.
FAQ
What can you do with an economics degree?
An economics degree opens doors to many career paths. You can work in finance, business, government, or research. Employers value the analytical skills you learn in economics programs.
What will I learn in an economics program?
In an economics program, you’ll study economics principles like macroeconomics and microeconomics. You’ll learn about decision-making, investment, and policy. You’ll also gain skills in data analysis and critical thinking.
What are some entry-level jobs for economics majors?
Economics majors can start as accountants, actuaries, or research analysts. They might also work as financial or policy analysts. These jobs involve financial records, risk assessment, and policy development.
What are some high-paying careers with an economics degree?
High-paying careers include financial management and data science. Economists and portfolio managers also earn well. These roles require skills in analysis and modeling.
Can an economics degree lead to government and public sector jobs?
Yes, economics degrees lead to public sector jobs. You can work in government departments or at the Federal Reserve. State and local governments also hire economists for policy work.
Are there non-traditional career paths for economics majors?
Economics majors can pursue non-traditional paths too. Some go to law school or start their own businesses. The skills are also useful in healthcare and environmental fields.